Two signs that fear is re-emerging

The Dow Jones Industrial Average (INDEXDJX:DJI) is pointed slightly higher in pre-market trading, following mixed revenue results from blue-chips The Procter & Gamble Company (NYSE:PG) and The Boeing Company (NYSE:BA). Meanwhile, today's earnings roster is stacked, with big names such as Apple Inc. (NASDAQ:AAPL) and Facebook Inc (NASDAQ:FB) set to announce quarterly results after the closing bell. On the economic front, investors are looking ahead to this morning's Markit preliminary purchasing managers manufacturing index (PMI) -- plus new home sales data -- after China released weak manufacturing data overnight.

Elsewhere, "The S&P 500 Index (SPX) rallied all day yesterday, but lost some steam near the close," said Schaeffer's Senior Trading Analyst Bryan Sapp. "The move higher stalled near the highs from March between 1,880 and 1,885. Going forward, a break above here would likely signal a rally to new all-time highs. Below, 1,850 is the key support level." In today's session, the broad-market barometer's six-day winning streak could be in jeopardy, with futures modestly lower ahead of the bell.

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And now, on to the numbers...

Futures on the Dow Jones Industrial Average e (INDEXDJX:.DJI) are about 11 points above breakeven.

"Despite the S&P 500 closing up nearly 8 points yesterday, the CBOE Volatility Index (VIX) was pretty flat on the session," observed Sapp. "Additionally, bonds were significantly higher on Tuesday. These are two signs that fear is re-emerging after the recent relief rally."

Currencies and Commodities

The U.S. dollar index is down 0.2% ahead of the bell to trade at 79.73.